Best Health Insurance Companies Australia

The unpredictability of life can bring unexpected situations at any moment, and that’s why choosing one of the 5 best health insurance companies in Australia can be a real lifesaver.

Australia is known for having one of the best healthcare systems in the world, and with health insurance, you can fully enjoy the benefits of this system.

Before introducing the best health insurance companies in Australia, it’s important to understand what health insurance is and the benefits associated with it.

What Is Health Insurance?

Health insurance can be defined as a contract between an insurance company and its customers. In this contract, the insurer agrees to pay all or part of the healthcare bills of its customers in exchange for monthly premium payments.

The benefits and advantages that you can gain by taking health insurance include:

Protection against High Medical Bills:

Even if maintaining a healthy diet and exercising regularly can keep you away from various diseases, that doesn’t apply to unexpected situations like illnesses, accidents, and injuries. Did you know that the cost of treatment and recovery from these unexpected situations can be extremely high? Luckily, health insurance can cut those medical expenses down.

Enables a Healthier Life:

Apart from keeping you away from high bills, health insurance can also ensure that you continue to live a healthy life. There are a lot of health service options provided by each insurance company. These services are what you can choose to encourage you to live a healthier life.

Facilitates All Your Affairs Related to Health Services:

By having health insurance, the difficulties and hassle of the health care process that you experience can be resolved easily.

Best Health Insurance Companies Australia

Health insurance has become an important part of people’s lives in Australia. It can be seen by how many health insurance and private health insurance companies are available. But of the many choices, there are the 5 best health insurance companies in Australia.

Medibank Health Insurance:

First up is Medibank, an insurance company that has been around since 1976. Today, they have provided health coverage to more than 3.9 million people across Australia.

With this company, there are several policies that you can get and enjoy:

  • 11 Hospital plans with a bill of $101.80 per month
  • 21 Extras policies with prices starting from $30.30
  • 2 combined policies that start at $119.25 before deductions For the waiting period, this insurance company offers a waiting period of between 2 to 36 months depending on your needs.

Bupa Private Health Insurance:

Next up is a private insurance company with over 4 million customers, Bupa. What’s interesting about this insurance company is how they offer services that work together for the health of all Australians.

Bupa also has several policies, such as:

  • 8 Hospital cover options with premiums at $103.35
  • 22 Extras policies with monthly premiums starting from $26.70 per month
  • 5 combined policies with the lowest monthly premium at $130.55 With this insurance company, you have a waiting time that varies between 3 months to 3 years depending on your condition.

HCF Health Insurance:

Based in Australia, HCF is one of the largest not-for-profit health funds in the country. They are also an old private insurance company that has been established in 1932.

Here are the policies of HCF in action:

  • 7 Hospital policies with premiums starting from $104.30 per month
  • 5 Extras cover with monthly premiums starting at $16.95
  • 5 combined policies with monthly premiums at $129.40 For the waiting period, HCF offers a waiting period of between 2 to 12 months.

NIB Private Health Insurance:

NIB offers something that other insurance companies do not. What is it? It is a reward program provided for those who manage to lead a healthy life. Through this program, you can get discounts at reputable retail stores.

Below are some of the NIB policies available:

  • 7 Hospital policies with premiums starting at $107.65 per month
  • 19 Extras policies with monthly premiums starting at $29.97
  • 1 combined policy with a premium of $116.51 What about the waiting period? NIB offers a waiting period of between 1 day and 12 months.

HBF Private Health Insurance:

The last one is HBF. This insurance company is the most ideal choice for Australians who need health protection that can meet their unique health needs.

This insurance company also has several policies, such as:

  • 6 Hospital policies with premiums starting from $105.70 every month
  • 5 Extras policies with monthly premiums starting from $23.35 For combined policies, this insurance company does not provide them. For waiting periods, HBF private health insurance offers a waiting period from 7 days to 12 months.

Live Healthier with Health Insurance

There is no single best health insurance for everyone as what is best for you may not be for someone else. Therefore, make sure you consider policies, premiums, waiting periods, and other things before choosing one of the health insurance companies in Australia.

FAQ:

Do I need a Hospital and Extras policy?

Generally, this depends on you and your needs. If you want health protection against surgery or treatment, then you can take the Hospital policy. On the other hand, you can take an Extra policy if you want treatment outside the hospital such as dental, optical, and others.

What is the best health insurance company in Australia?

This answer is not conclusive. It’s entirely depending on you and your needs to.

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